Philippines Plans for State-Owned Oil Reserves

Most of the Philippines oil for use is imported by the Middle East, but the government has plans to change that with their efforts eyed to curb their reliance on those imports.

A new plan was introduced by the Philippines Department of Energy to create state-owned crude oil reserves, biofuels and other oil products.

Buying or leasing storage facilities and securing supply contracts is what the state-owned Philippine National Oil Company would like to implement.

Energy secretary Alfonso Cusi, described the “strategic petroleum reserve” as consisting of “large stockpiles of crude oil as well as petroleum products, stored in facilities located around the country, and possibly overseas.”